This page has only limited features, please log in for full access.
Crude oil is the world's largest energy commodity, and its domestic and international supplies affect the short-term and long-term economic balances of many countries. It also has a strategic and political role in making important contributions related to the production of reserve assets. Given the increasing and often destabilizing role of the futures market on spot oil prices, this study tries to address the question of whether the oil market behaves efficiently and rationally, or do speculators lead it? Using monthly data from 2000M01–2020M12 for crude oil prices and a range of advanced econometric tools such as breakpoint unit root tests, probability-based bubble detection mechanism, right-tailed Supremum Augmented Dickey-Fuller (SADF), and Generalized SADF (GSADF) approaches based on Monte Carlo and bootstrap critical values, we detect multiple bubbles exhibited by the oil market in different periods. The exact identification of these bubbles is essential to analyze the underlying fundamentals that may have caused these bubbles. It can also help policymakers and regulators to assess the exposure oil prices have towards several economic and fundamental factors. Finally, detecting bubbles and exploring the factors causing them, may help improve the oil market's overall efficiency and thus improve investors' decision-making.
Muhammad Umar; Chi-Wei Su; Syed Kumail Abbas Rizvi; Oana-Ramona Lobonţ. Driven by fundamentals or exploded by emotions: Detecting bubbles in oil prices. Energy 2021, 231, 120873 .
AMA StyleMuhammad Umar, Chi-Wei Su, Syed Kumail Abbas Rizvi, Oana-Ramona Lobonţ. Driven by fundamentals or exploded by emotions: Detecting bubbles in oil prices. Energy. 2021; 231 ():120873.
Chicago/Turabian StyleMuhammad Umar; Chi-Wei Su; Syed Kumail Abbas Rizvi; Oana-Ramona Lobonţ. 2021. "Driven by fundamentals or exploded by emotions: Detecting bubbles in oil prices." Energy 231, no. : 120873.
This study provides new insight into the resources curse hypothesis by introducing fiscal decentralization and political risk index and its impact on financial development. We collected data for thirty-one developed countries from 1984 to 2019. Usage of a multidimensional index for financial development, the empirical findings indicate the resource curse hypothesis's existence. Further, fiscal decentralization, GDP, and political risk index improvement promote the sampled countries' financial development. Moreover, the multiplicative term for fiscal decentralization with natural resources rent rejects the resource curse hypothesis. Based on the empirical findings from quantile regression, this study suggests promoting fiscal decentralization and further improving the political risk index scoring to achieve a high financial development level in these countries and avoid the resource curse hypothesis.
Kai-Hua Wang; Lu Liu; Tomiwa Sunday Adebayo; Oana-Ramona Lobon; Moldovan Nicoleta Claudia. Fiscal decentralization, political stability and resources curse hypothesis: A case of fiscal decentralized economies. Resources Policy 2021, 72, 102071 .
AMA StyleKai-Hua Wang, Lu Liu, Tomiwa Sunday Adebayo, Oana-Ramona Lobon, Moldovan Nicoleta Claudia. Fiscal decentralization, political stability and resources curse hypothesis: A case of fiscal decentralized economies. Resources Policy. 2021; 72 ():102071.
Chicago/Turabian StyleKai-Hua Wang; Lu Liu; Tomiwa Sunday Adebayo; Oana-Ramona Lobon; Moldovan Nicoleta Claudia. 2021. "Fiscal decentralization, political stability and resources curse hypothesis: A case of fiscal decentralized economies." Resources Policy 72, no. : 102071.
The fourth industrial revolution has been significantly affected by different economic sectors, including the financial sector. The financial sector has dramatically changed the way it works and hence, providing new opportunities to investors. The advancement of new technologies in information and communication has a strong association with financial sector performance, profitability, and development. This study examines the impact of technological innovation and natural resources on financial development across seven emerging economies (such as China, India, Brazil, Mexico, Russia, Indonesia, and Turkey) from 1990 to 2017. The results of the cointegration test indicate that there is a long-run relationship between financial development and its determinants in all three models. The results further show that natural resources, technological innovation, income, human capital, and research and development (R&D) expenditures are important variables affecting financial development in the long run. We found that human capital strengthens the technological innovation led financial development nexus in E7 countries. In terms of implication, human capital, technological innovation, and continuous investment in R&D can shift the curse into a blessing by transferring natural resources into other productive sectors of the economy.
Jianqiang Gu; Kostas Gouliamos; Oana-Ramona Lobonţ; Moldovan Nicoleta-Claudia. Is the fourth industrial revolution transforming the relationship between financial development and its determinants in emerging economies? Technological Forecasting and Social Change 2021, 165, 120563 .
AMA StyleJianqiang Gu, Kostas Gouliamos, Oana-Ramona Lobonţ, Moldovan Nicoleta-Claudia. Is the fourth industrial revolution transforming the relationship between financial development and its determinants in emerging economies? Technological Forecasting and Social Change. 2021; 165 ():120563.
Chicago/Turabian StyleJianqiang Gu; Kostas Gouliamos; Oana-Ramona Lobonţ; Moldovan Nicoleta-Claudia. 2021. "Is the fourth industrial revolution transforming the relationship between financial development and its determinants in emerging economies?" Technological Forecasting and Social Change 165, no. : 120563.
Military spending and sustainable economic development have been widely discussed in recent decades. Especially in Romania, the defense budget is valued at $4.8 billion, registering a compound annual growth rate (CAGR) of 23.57%. It is also expected to reach $7.6 billion in 2023, according to a report by Strategic Defense Intelligence. There is no consensus in current research and less attention is paid to Eastern European countries. Considering the significant increase in military spending in Romania in recent years, as well as the occurrence of political events, this paper focuses on the dynamic causal relationship between military spending and sustainable economic growth in Romania. The bootstrap rolling window causality test takes into account the structural changes, and therefore, provides more convincing results. The results indicate negative effects of military expenditure on sustainable economic growth between 1996–1999 and 2002–2004. It can be attributed to the crowding-out effect of public expenditure on private investment. The positive effect between the two variables analyzed is noticed with the accession of Romania to the North Atlantic Treaty Organization. Conversely, it is found that economic growth does not have a significant effect on military spending in Romania. Policymakers should guard against the crowding out of private consumption and investment due to excessive military spending and ensure to increase military expenditure on the premise of sustainable economic development.
Ran Tao; Oana Ramona Glont; Zheng-Zheng Li; Adina Alexandra Guzun. New Evidence for Romania Regarding Dynamic Causality between Military Expenditure and Sustainable Economic Growth. Sustainability 2020, 12, 5053 .
AMA StyleRan Tao, Oana Ramona Glont, Zheng-Zheng Li, Adina Alexandra Guzun. New Evidence for Romania Regarding Dynamic Causality between Military Expenditure and Sustainable Economic Growth. Sustainability. 2020; 12 (12):5053.
Chicago/Turabian StyleRan Tao; Oana Ramona Glont; Zheng-Zheng Li; Adina Alexandra Guzun. 2020. "New Evidence for Romania Regarding Dynamic Causality between Military Expenditure and Sustainable Economic Growth." Sustainability 12, no. 12: 5053.
Kai-Hua Wang; Chi-Wei Su; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. Chinese renewable energy industries’ boom and recession: Evidence from bubble detection procedure. Energy Policy 2020, 138, 1 .
AMA StyleKai-Hua Wang, Chi-Wei Su, Oana-Ramona Lobont, Nicoleta-Claudia Moldovan. Chinese renewable energy industries’ boom and recession: Evidence from bubble detection procedure. Energy Policy. 2020; 138 ():1.
Chicago/Turabian StyleKai-Hua Wang; Chi-Wei Su; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. 2020. "Chinese renewable energy industries’ boom and recession: Evidence from bubble detection procedure." Energy Policy 138, no. : 1.
This paper chooses monthly data covering the period from 1990:M1 to 2018:M12 to investigate the contributions of partisan conflicts (PCI), the dollar index (USDX) and U.S. oil production (PRO) on the oil price (OP) by applying the time-varying parameter-stochastic volatility-vector autoregression (TVP-SV-VAR) model. The empirical results are consistent with the general equilibrium model, which states that the PCI has certain influences on the OP. However, the impact of the PCI is less than that of the USDX, and the negative effect of the USDX was strengthened after the global economic crisis. Moreover, the PRO is less important to the oil market than the PCI and USDX. In general, we can conclude that there are important roles that U.S. factors play in the oil market, especially those of partisan conflicts and the dollar value. Understanding the effects of U.S. factors on the oil market can provide revelations for countries, allowing them to formulate energy policies and stabilize the oil market. Additionally, an understanding of these factors can allow investors to adjust their investment decisions and diversify their assets.
Chi-Wei Su; Meng Qin; Ran Tao; Nicoleta-Claudia Moldovan; Oana-Ramona Lobont. Factors driving oil price —— from the perspective of United States. Energy 2020, 197, 117219 .
AMA StyleChi-Wei Su, Meng Qin, Ran Tao, Nicoleta-Claudia Moldovan, Oana-Ramona Lobont. Factors driving oil price —— from the perspective of United States. Energy. 2020; 197 ():117219.
Chicago/Turabian StyleChi-Wei Su; Meng Qin; Ran Tao; Nicoleta-Claudia Moldovan; Oana-Ramona Lobont. 2020. "Factors driving oil price —— from the perspective of United States." Energy 197, no. : 117219.
We employ the generalized supremum augmented Dickey–Fuller test to examine whether there are multiple bubbles in Chinese agricultural commodities. The proposed approach is suitable for time series data and identifies the origination and termination of multiple bubbles. The results indicate the existence of bubbles for some agricultural commodity prices, such as garlic, ginger, corn, and wheat prices, that deviate from their intrinsic values upon market fundamentals. The bubbles in the garlic and ginger market are related to speculative activities. The other bubbles, in the corn and wheat market, are associated with the rising oil price, international market, and the negative effect of stockpiling policy. The authorities should recognize bubbles and observe their evolutions, leading to Chinese agricultural commodity price stabilization. These findings suggest corresponding measures to be implemented. China should establish a unified market information release platform to avoid speculative activities and formulate a market-oriented agricultural policy to enhance competitiveness among the international markets.
Xi-Xi Zhang; Lu Liu; Chi-Wei Su; Ran Tao; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. Bubbles in Agricultural Commodity Markets of China. Complexity 2019, 2019, 1 -7.
AMA StyleXi-Xi Zhang, Lu Liu, Chi-Wei Su, Ran Tao, Oana-Ramona Lobont, Nicoleta-Claudia Moldovan. Bubbles in Agricultural Commodity Markets of China. Complexity. 2019; 2019 ():1-7.
Chicago/Turabian StyleXi-Xi Zhang; Lu Liu; Chi-Wei Su; Ran Tao; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. 2019. "Bubbles in Agricultural Commodity Markets of China." Complexity 2019, no. : 1-7.
This paper offers a perspective for the link between air quality and stock returns in China through quantile Granger causality test. Compared to previous studies, the study makes the following innovations. Given the Chinese government plays an important role in economic development, its industrial policies are regarded as a new indispensable supplement of analysis framework apart from investor mood. Next, due to different reflections from cross-industries for different AQ levels, the industry heterogeneity is further considered. Also, nine industries are chosen as a sample, including environmental protection, wind power equipment, steel, photovoltaic equipment, thermal power, tourism, coal, medical service, and medical equipment. Besides, the quantile Granger causality test is robust to misspecification errors when detecting the potential dependence structure between the variables of air quality and stock returns. The empirical results show that the causal link exists in all industries, except medical service. Meanwhile, this impact presents asymmetrical features that when air quality is unhealthy, it has an influence on stock returns of the remaining eight industries. It can be explained by increasing cortisol level, more stringent environmental protection, and industrial policies. These conclusions have essential implications for market participants due to the fact that air quality generates various influences on the stock market. That is why a sustainable environmental design, strict regulatory framework, and special monitoring activities should be highly regarded in China.
Chi-Wei Su; Kai-Hua Wang; Ran Tao; Oana-Ramona Lobont. The asymmetric effect of air quality on cross-industries’ stock returns: evidence from China. Environmental Science and Pollution Research 2019, 26, 31422 -31433.
AMA StyleChi-Wei Su, Kai-Hua Wang, Ran Tao, Oana-Ramona Lobont. The asymmetric effect of air quality on cross-industries’ stock returns: evidence from China. Environmental Science and Pollution Research. 2019; 26 (30):31422-31433.
Chicago/Turabian StyleChi-Wei Su; Kai-Hua Wang; Ran Tao; Oana-Ramona Lobont. 2019. "The asymmetric effect of air quality on cross-industries’ stock returns: evidence from China." Environmental Science and Pollution Research 26, no. 30: 31422-31433.
This paper investigates new insights into the effect taxation has on the welfare state, using Granger causality analysis, and focusing on both economic growth and human development as welfare components. Moreover, Granger causality allows us to determine whether or not there is a bidirectional causal relationship between taxes, growth, and human development. The analysis is based on a comparative study between part of the Central and Eastern Europe (CEE) countries and the richest European Countries, over the period 1995–2015. Taxes are illustrated by different types of tax revenues to GDP ratio, economic growth is defined by gross domestic product and gross national income, while the human development index (HDI) included in the analysis is a composite measure used to rank countries based on their social and economic development level. Results confirm the fact that taxes support economic growth, but their impact on human development is rather limited. However, in countries with higher HDI, an increase in tax revenues is expected, but over long-term. This study confirms that taxes are an important instrument for governments, and should be used in economic growth. In addition, taxes are closely related to well-being, as citizens from countries with large HDI values are more likely to pay higher taxes over time. Therefore, practical tax reforms should imply an equilibrium between equity and a decent standard of living that supports life expectancy, increased tax revenues, and efficiency.
Sorana Vatavu; Oana-Ramona Lobont; Petru Stefea; Daniel Brindescu-Olariu. How Taxes Relate to Potential Welfare Gain and Appreciable Economic Growth. Sustainability 2019, 11, 4094 .
AMA StyleSorana Vatavu, Oana-Ramona Lobont, Petru Stefea, Daniel Brindescu-Olariu. How Taxes Relate to Potential Welfare Gain and Appreciable Economic Growth. Sustainability. 2019; 11 (15):4094.
Chicago/Turabian StyleSorana Vatavu; Oana-Ramona Lobont; Petru Stefea; Daniel Brindescu-Olariu. 2019. "How Taxes Relate to Potential Welfare Gain and Appreciable Economic Growth." Sustainability 11, no. 15: 4094.
This paper examines the correlation between public policies in the field of military expenditures and economic growth in Romania. The research is built upon the vast literature focused on the field of public policies and economic growth. Whereas economic growth became one of the most dynamic areas in economics, this correlation will consider the determinants of the real sector development through economic phenomenon modeling. The impact of military expenditures on growth is analysed for Romania, using annual data over the period 1991–2016. The research methodology employed is the Granger causality test. The empirical results reveal that there is a bidirectional relationship between military expenditure and GDP over the long run, with a positive effect described by both relationships through several models exemplified in the analysis. From the economic point of view, these results highlight the impact of military expenditures, generating different positive effects on labor, capital, economic growth and efficient use of resources in the economic sector, at the national level.
Oana-Ramona Lobont; Leonardo Badea; Sorana Vatavu. Correlation of military expenditures and economic growth: lessons for Romania. Quality & Quantity 2019, 53, 2957 -2968.
AMA StyleOana-Ramona Lobont, Leonardo Badea, Sorana Vatavu. Correlation of military expenditures and economic growth: lessons for Romania. Quality & Quantity. 2019; 53 (6):2957-2968.
Chicago/Turabian StyleOana-Ramona Lobont; Leonardo Badea; Sorana Vatavu. 2019. "Correlation of military expenditures and economic growth: lessons for Romania." Quality & Quantity 53, no. 6: 2957-2968.
Oana-Ramona Lobont; Sorana Vatavu; Daniel Brindescu Olariu; Andrei Pelin; Codruta Chis. E-Health Adoption Gaps in the Decision-Making Process. Revista de Cercetare si Interventie Sociala 2019, 65, 389 -403.
AMA StyleOana-Ramona Lobont, Sorana Vatavu, Daniel Brindescu Olariu, Andrei Pelin, Codruta Chis. E-Health Adoption Gaps in the Decision-Making Process. Revista de Cercetare si Interventie Sociala. 2019; 65 ():389-403.
Chicago/Turabian StyleOana-Ramona Lobont; Sorana Vatavu; Daniel Brindescu Olariu; Andrei Pelin; Codruta Chis. 2019. "E-Health Adoption Gaps in the Decision-Making Process." Revista de Cercetare si Interventie Sociala 65, no. : 389-403.
This paper investigates whether there exists an optimal level of research and development (R&D) intensity, at which defense enterprises are able to maximize their market performance. The Panel Threshold Regression Model was applied to probe the link between R&D intensity and sales growth for defense listed enterprises, in China. The empirical results indicate that the Law of Gibrat does not hold and, unlimited input in R&D, does not guarantee positive paybacks. This may lead to the assumption that there is an optimal R&D intensity level in Chinese defense enterprises. Due to the fact that the defense industry has broken entrance barriers and considering the introduction of social capital into R&D activities, managers and top management should set more specific guidelines and provisional benchmarks to ensure effective R&D resource allocation in order to achieve maximum performance.
Chi-Wei Su; Kai-Hua Wang; Ran Tao; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. Does Optimal R&D Intensity Level Exist in Chinese Defense Enterprises? Defence and Peace Economics 2019, 32, 107 -124.
AMA StyleChi-Wei Su, Kai-Hua Wang, Ran Tao, Oana-Ramona Lobont, Nicoleta-Claudia Moldovan. Does Optimal R&D Intensity Level Exist in Chinese Defense Enterprises? Defence and Peace Economics. 2019; 32 (1):107-124.
Chicago/Turabian StyleChi-Wei Su; Kai-Hua Wang; Ran Tao; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. 2019. "Does Optimal R&D Intensity Level Exist in Chinese Defense Enterprises?" Defence and Peace Economics 32, no. 1: 107-124.
In this paper, we employ the Generalized Supremum Augmented Dickey-Fuller test in order to identify the existence of multiple bubbles in natural rubber. This approach is practical for the using of time series and identifies the beginning and end points of multiple bubbles. The results reveal that there are five bubbles, where exist the divergences between natural rubber prices and their basic values on account of market fundamentals. The five bubbles are related to imbalance between supply and demand, inefficiencies of smallholders market, oil prices, exchange rate and climatic changes through analyses. Thus, the corresponding authorities are supposed to identify bubbles and consider their evolutions, which is beneficial to the stability of natural rubber price.
Chi-Wei Su; Lu Liu; Ran Tao; Oana-Ramona Lobont. Do natural rubber price bubbles occur? Agricultural Economics (Zemědělská ekonomika) 2019, 65, 67 -73.
AMA StyleChi-Wei Su, Lu Liu, Ran Tao, Oana-Ramona Lobont. Do natural rubber price bubbles occur? Agricultural Economics (Zemědělská ekonomika). 2019; 65 (No. 2):67-73.
Chicago/Turabian StyleChi-Wei Su; Lu Liu; Ran Tao; Oana-Ramona Lobont. 2019. "Do natural rubber price bubbles occur?" Agricultural Economics (Zemědělská ekonomika) 65, no. No. 2: 67-73.
Chi-Wei Su; Kai-Hua Wang; Ran Tao; Oana-Ramona Lobont. Does the covered interest rate parity fit for China? Economic Research-Ekonomska Istraživanja 2019, 32, 2009 -2027.
AMA StyleChi-Wei Su, Kai-Hua Wang, Ran Tao, Oana-Ramona Lobont. Does the covered interest rate parity fit for China? Economic Research-Ekonomska Istraživanja. 2019; 32 (1):2009-2027.
Chicago/Turabian StyleChi-Wei Su; Kai-Hua Wang; Ran Tao; Oana-Ramona Lobont. 2019. "Does the covered interest rate parity fit for China?" Economic Research-Ekonomska Istraživanja 32, no. 1: 2009-2027.
This paper examines whether there are multiple explosive bubble episodes in international food market by employing the Generalised Supremum Augmented Dickey-Fuller (GSADF) test. This method is particularly suitable for practical application of time series and provides an innovative consistent date-stamping strategy for the origination and termination of bubble episodes. Our results show that there are four explosive bubble episodes mostly accompanied by huge price volatilities during 1990–2017, which is largely in line with the asset pricing model (Gürkaynak 2008). The exuberance and collapse of bubble episodes can be explained by imbalance between supply and demand, depreciation of U.S. dollar, financial crisis and speculation. Our findings also provide supporting evidence for the Masters hypothesis that tremendous buying pressure from index investments contributes to substantial bubble episodes. The authorities should accurately identify bubble episode and monitor its evolving process, which is propitious to achieve the effective stabilisation of global food system. Particularly, restrictions on excessive speculative trading should be arranged under extreme market situations in order to forestall the explosion of multiple food bubbles.
Xiao-Qing Wang; Chi-Wei Su; Ran Tao; Oana-Ramona Lobont. When will food price bubbles burst? Agricultural Economics (Zemědělská ekonomika) 2018, 64, 566 -573.
AMA StyleXiao-Qing Wang, Chi-Wei Su, Ran Tao, Oana-Ramona Lobont. When will food price bubbles burst? Agricultural Economics (Zemědělská ekonomika). 2018; 64 (No. 12):566-573.
Chicago/Turabian StyleXiao-Qing Wang; Chi-Wei Su; Ran Tao; Oana-Ramona Lobont. 2018. "When will food price bubbles burst?" Agricultural Economics (Zemědělská ekonomika) 64, no. No. 12: 566-573.
Public utility services are an important vector for the development of regional and local communities. Providing these services is equally important to citizens, central, regional and local authorities, and academics. The management of...
Oana-Ramona Lobonț; Alexandru Bociu; Nicoleta-Claudia Moldovan; Iulia Para. PRIORITIES REGARDING THE MANAGEMENT OF PUBLIC UTILITY SERVICES IN THE WESTERN REGION OF ROMANIA. Poslovna izvrsnost - Business excellence 2018, 12, 59 -69.
AMA StyleOana-Ramona Lobonț, Alexandru Bociu, Nicoleta-Claudia Moldovan, Iulia Para. PRIORITIES REGARDING THE MANAGEMENT OF PUBLIC UTILITY SERVICES IN THE WESTERN REGION OF ROMANIA. Poslovna izvrsnost - Business excellence. 2018; 12 (2):59-69.
Chicago/Turabian StyleOana-Ramona Lobonț; Alexandru Bociu; Nicoleta-Claudia Moldovan; Iulia Para. 2018. "PRIORITIES REGARDING THE MANAGEMENT OF PUBLIC UTILITY SERVICES IN THE WESTERN REGION OF ROMANIA." Poslovna izvrsnost - Business excellence 12, no. 2: 59-69.
This paper studies the relationship between two series of the money supply (M2), short-term international capital flows and housing prices by employing a continuous wavelet method. This method can enable us to examine the relation in both time and frequency domains in detail. We use data from China for empirical analysis. Although the relations are not stable, several main findings are observed. First, M2 affects short-term international capital flows mainly in the long term. The upward momentum of M2 has led foreign investors to be optimistic about China's economy, thus attracting inflows of capital. However, capital flows have little effect on the M2 due to the effectiveness of sterilization. Second, housing prices and M2 move synchronously before 2008. After 2008, housing prices are caused by M2 due to the excessive currency from the government's monetary and fiscal policies. Furthermore, M2 affects housing prices significantly in the long term. Additionally, after eliminating the influence of the M2, we find that a strong relationship exists between short-term international capital flows and housing prices in the short term, which means that this influence is mainly through a direct effect. These findings provide implications for the government to formulate monetary policy and regulate the housing market and capital flows.
ChiWei Su; Xiaocui Yin; Ran Tao; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. Are there significant linkages between two series of housing prices, money supply and short-term international capital? – Evidence from China. Digital Signal Processing 2018, 83, 148 -156.
AMA StyleChiWei Su, Xiaocui Yin, Ran Tao, Oana-Ramona Lobont, Nicoleta-Claudia Moldovan. Are there significant linkages between two series of housing prices, money supply and short-term international capital? – Evidence from China. Digital Signal Processing. 2018; 83 ():148-156.
Chicago/Turabian StyleChiWei Su; Xiaocui Yin; Ran Tao; Oana-Ramona Lobont; Nicoleta-Claudia Moldovan. 2018. "Are there significant linkages between two series of housing prices, money supply and short-term international capital? – Evidence from China." Digital Signal Processing 83, no. : 148-156.
This study examines the causal nexus between defense expenditure and economic growth in China using the bootstrap Granger full-sample causality test and rolling-window estimation. The full-sample result indicates a positive bidirectional causality between economic growth and defense expenditure, suggesting that more defense spending increases economic growth, and vice versa. By adopting a time-varying rolling-window approach to revisit the dynamic causal relationships, this article identifies that the causality changes over time. We find significant positive short-run causality running from economic growth to defense expenditure in most of the time investigated, thus implying that economic growth stimulates defense expenditure. However, large-scale disarmaments break such positive linkage. Conversely, both positive and negative effects of defense expenditure on economic growth are demonstrated, showing that more defense spending has ambiguous effect on economy. Consequently, economic growth mainly drives defense expenditure rather than the other way around. The impact of defense expenditure in China on national economy is affected by multiplier effect and crowding-out effect as well as institutional factors.
ChiWei Su; Yingying Xu; Hsu Ling Chang; Oana-Ramona Lobont; Zhixin Liu. Dynamic Causalities between Defense Expenditure and Economic Growth in China: Evidence from Rolling Granger Causality Test. Defence and Peace Economics 2018, 31, 565 -582.
AMA StyleChiWei Su, Yingying Xu, Hsu Ling Chang, Oana-Ramona Lobont, Zhixin Liu. Dynamic Causalities between Defense Expenditure and Economic Growth in China: Evidence from Rolling Granger Causality Test. Defence and Peace Economics. 2018; 31 (5):565-582.
Chicago/Turabian StyleChiWei Su; Yingying Xu; Hsu Ling Chang; Oana-Ramona Lobont; Zhixin Liu. 2018. "Dynamic Causalities between Defense Expenditure and Economic Growth in China: Evidence from Rolling Granger Causality Test." Defence and Peace Economics 31, no. 5: 565-582.
This study explores whether the female labor force participation rate (FLFPR) can promote economic development in Asian countries. We apply the method of bootstrap panel Granger causality in order to consider the cross-sectional dependency and heterogeneity to detect specific patterns of the interactive relationships between the two variables. The estimation results point out that the interaction patterns vary across countries, which is consistent with the U-shaped hypothesis. Specifically, when the economy develops, FLFPR declines in Vietnam and India, whereas economic development promotes the FLFPR in Korea, Malaysia, Singapore and Thailand. More specifically, when GDP per capita lies at a relatively low level, the income effect dominates the substitution effect, resulting into the FLFPR changing in opposite direction. Nevertheless, the substitution effect holds the dominant position when the GDP per capita reaches a high level. The increase of FLFPR is accompanied by economic development due to availability of more jobs and increasing level of education. Therefore, policy makers should formulate plans in order to benefit from the potential of the female labor force by stimulating economic development.
Chi-Wei Su; Zheng-Zheng Li; Ran Tao; Oana-Ramona Lobont. Can economic development boost the active female labor force? Quality & Quantity 2018, 53, 1021 -1036.
AMA StyleChi-Wei Su, Zheng-Zheng Li, Ran Tao, Oana-Ramona Lobont. Can economic development boost the active female labor force? Quality & Quantity. 2018; 53 (2):1021-1036.
Chicago/Turabian StyleChi-Wei Su; Zheng-Zheng Li; Ran Tao; Oana-Ramona Lobont. 2018. "Can economic development boost the active female labor force?" Quality & Quantity 53, no. 2: 1021-1036.
In this paper, we investigate how crude oil price and volume traded affected the profitability of oil and gas companies in the United Kingdom (UK) since the financial crisis started in 2008. The study benefit from insights of the financial statements, to develop a model that focuses on how changes in oil price impact corporate performance. In order to observe the financial indicators that influence the performance, as well as the effects that changes in oil prices and demand of crude oil have on the profitability of oil and gas companies, we apply comparative regression analysis, including the generalised method of moments estimation technique for panel data set. The sample is consisting of 31 oil and gas companies in the UK, and the period analysed is 2006–2014. Results show that profitable oil and gas companies managed to face the drop in oil price and recover, characterized by significant cash flows and stock turnover, efficient use of assets, and high solvency rates. Although the oil price and volume traded do not significantly affect profitability and other financial ratios, if the oil price continues to decrease, it would permanently alter both the UK economy and oil and gas companies. In order to survive, companies make drastic cuts and defer essential investments, often at the long-term expense of asset performance. This study is important in a world where the energy consumption steadily grew over time. However, the renewable energy is cheaper and more environmentally friendly, and thus, countries where oil and gas industry is one of the most popular sectors face an economic decline. These results could be useful for investors, managers or decision makers, reclaiming strategic decisions in the current uncertain and volatile environment.
Sorana Vătavu; Oana-Ramona Lobont; Iulia Para; Andrei Pelin. Addressing oil price changes through business profitability in oil and gas industry in the United Kingdom. PLOS ONE 2018, 13, e0199100 .
AMA StyleSorana Vătavu, Oana-Ramona Lobont, Iulia Para, Andrei Pelin. Addressing oil price changes through business profitability in oil and gas industry in the United Kingdom. PLOS ONE. 2018; 13 (6):e0199100.
Chicago/Turabian StyleSorana Vătavu; Oana-Ramona Lobont; Iulia Para; Andrei Pelin. 2018. "Addressing oil price changes through business profitability in oil and gas industry in the United Kingdom." PLOS ONE 13, no. 6: e0199100.